PA Resources signs credit facility of USD 125 million

Mon, Sep 28, 2009 08:55 CET

The oil and gas company PA Resources AB has entered into a USD 125 million corporate finance facility agreement with Standard Bank.

The new credit facility replaces an existing facility of USD 30 million and represents an extension by USD 95 million to USD 125 million (corresponding to approximately SEK 875 million). This one year facility is to be refinanced with a structured financing.

"The new credit facility is a result of the Group's continuing refinancing efforts and will be used to support PA Resources continued production growth in West Africa", says Ulrik Jansson, President and CEO at PA Resources AB.

"We are very pleased to extend our existing relationship with PA Resources through this facility. Standard Bank has been impressed with the management team's successful execution in both development and exploration of the portfolio assets", stated Peter Heintzelman, Director Oil and Gas at Standard Bank's London office.

PA Resources AB (publ) is an international oil and gas group with the business strategy to acquire, develop, exploit and divest oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, United Kingdom, Denmark, Greenland, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville). PA Resources is today one of the largest oil producers in Tunisia. The parent company is located in Stockholm, Sweden.PA Resources' net sales amounted to SEK 2,420 Million during 2008. The company is primary listed on the Oslo Stock Exchange in Norway (segment OB Match) and secondary listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid Cap). For further information, please visit www.paresources.se.

Standard Bank is a leading African banking group focused on emerging markets globally. Standard Bank's Corporate and Investment Banking division is a leading global emerging markets corporate and investment bank and offers its clients banking, trading, investment, risk management and advisory services in developing economies throughout the world. It has specific sector expertise in industries relevant to its global footprint, with strong sector value propositions in: mining & metals; oil, gas & renewables; telecommunications & media; power & infrastructure and Financial Institutions. Standard Bank Plc in London is the bank's principal international subsidiary. It is authorised and regulated by the Financial Services Authority. For further information, visit www.standardbank.com/cib.

About Us

PA Resources AB is an international oil and gas group which conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 2,154 million during 2011. The company is listed on the NASDAQ OMX in Stockholm, Sweden (segment Mid Cap).